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May 20, 2020

Prudential partners MAS to provide support to Singapore FinTech community impacted by COVID-19

Prudential partners MAS to provide support to Singapore FinTech community impacted by COVID-19

Employees of FinTechs registered on the API Exchange platform enjoy the following benefits:

  • S$20,000 complimentary coverage against accidental death and injury. This sum increases to S$50,000 if an employee is retrenched
  • PRUcare package: 

- One-time cash benefit of S$500 when served with a quarantine order1

- Daily hospitalisation allowance of S$200 for 3 months if hospitalised for COVID-19


A one-time hospital income payout of S$500 if hospitalised for dengue haemorrhagic fever


Singapore, 20, May, 2020 – Prudential Singapore (“Prudential”) has introduced a slew of initiatives to support Singapore-based FinTechs affected by COVID-19. As part of its collaboration with the Monetary Authority of Singapore (MAS), the life insurer is providing local FinTech employees with financial relief and health coverage under the APIX Cares package. 


APIX Cares, a support package rolled out by the MAS as part of its S$125 million assistance fund for the financial community, provides all Singapore FinTechs with six months of free access to the API Exchange (“APIX”) platform. APIX is an online marketplace and sandbox for FinTech collaboration, developed by AFIN, an entity jointly formed by the MAS, the International Financial Corporation and the ASEAN Bankers’ Association. Prudential is Singapore’s first insurer to be on onboarded on to the platform. 

 

The COVID-19 spread has a growing impact on the economy and jobs.   In its continued support to the FinTech community, Prudential is providing both protection and financial support to employees of more than 1,100 FinTechs in Singapore. These FinTech employees stand to benefit from the following when their companies register on the APIX platform:


1. Complimentary coverage against accidental death and injury 

FinTech employees will receive complimentary coverage up to S$20,000 against accidental death and injury under Prudential’s PRUAffinity Personal Accident Plan. The coverage period starts from 8 April 2020 to 7 April 2021. The sum increases to S$50,000 if employees are retrenched. The increased coverage lasts for six months or until the employee finds a new job, whichever is earlier.  

 

2. PRUcare package: S$500 cash benefit for those served with quarantine orders and S$200 daily hospitalisation allowance if hospitalised for COVID-19  

Prudential is also extending its S$1.5 million PRUcare package that provides support to individuals and SMEs affected by COVID-19, to the FinTech community. FinTech employees who are policy holders of the above-mentioned complimentary PRUAffinity Personal Accident Plan will receive a one-time S$500 cash benefit if served with a Quarantine Order (QO) between 6 April and 30 June 2020.

 

The employees will receive a daily $200 hospitalisation allowance (up to three months of hospitalisation) if they are hospitalised for COVID-19 between 6 April and 30 June 2020. Prudential hopes these benefits will provide some financial relief to the affected employees.


3. Hospitalisation income payout for dengue haemorrhagic fever

FinTech employees are also entitled to a one-time hospital income payout of S$500 if they are hospitalised for dengue haemorrhagic fever. With dengue cases in Singapore rising by more than double this year compared to last year[2], the life insurer hopes this added benefit will support those affected by the dengue outbreak. 

Dennis Tan, CEO, Prudential Singapore, said “Covid-19 is impacting economies and societies the world over. Preparing for the world post-Covid requires us to rapidly adapt and innovate. We want to support the FinTech community that has helped our industry innovate, and with whom we have been partnering to make insurance simpler and more accessible to our customers.”

Prudential Singapore has been supporting the Singapore FinTech Festival as a Grand Sponsor since 2018. This collaboration is part of its on-going support to foster a culture of innovation, collaboration and co-creation among financial institutions, FinTechs and regulators globally. In December 2019, Prudential became an APIX member to expedite its efforts to find the right technology partners and test innovative solutions in a secure environment. 

Commenting on the partnership, Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “MAS is pleased to work together with our industry partners like AFIN and Prudential, to introduce the APIX Cares initiative to help FinTechs cope with the business challenges they are facing due to the global COVID-19 pandemic. 

“Through this initiative, MAS supports FinTechs with 6-months of free access to the APIX platform to help them with their global sales engagements. We encourage FinTechs to actively tap on APIX Cares to help them tide through these challenging times."

Manish Diwan, Managing Director of AFIN, welcomed the initiatives: "AFIN is delighted to play a role in this very thoughtful initiative by Prudential. On behalf of the FinTech community, we would like to express our gratitude to Prudential for creating this very special program for FinTech employees and that too in a very short time.

“AFIN is continuously working on creating value for the FinTech ecosystem. Multiple programmes have been launched to support and we will continuously work to bring more relief to our community."

Since launch, the platform has attracted about 250 members, with more in the pipeline. In addition to the sandbox, a community forum was launched within the platform, to unite members from different horizons: banks & fintechs, developers & business leaders, governments & NGOs, thought leaders & learners from all continents. They all meet on the forum to exchange ideas, solve problems or share their experiences. 

 

Notes:

For eligibility details and important dates, please visit: https://www.prudential.com.sg/en/others/apixfintech

 

For details on MAS’s COVID-19 Support Package for FinTechs, please visit:

https://www.mas.gov.sg/development/fintech/covid-19-support-package-for-fintechs

 

About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore) 

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 89 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$42.02 billion funds under management as at 31 December 2019. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.

 

About AFIN

The ASEAN Financial Innovation Network (AFIN) was established as a non-profit organization in 2018 by the ASEAN Bankers Association (ABA), International Finance Corporation (IFC), a member of the World Bank Group, and the Monetary Authority of Singapore (MAS). AMTD Foundation and Mastercard are AFIN’s Corporate Founding Members.

AFIN was set up with the mission to facilitate innovation and cooperation between financial institutions and FinTechs, in effort to digitally transform the banking and financial sectors across the ASEAN region and beyond to ultimately drive financial inclusion. It brings together financial industry participants to Discover, Design and Deploy innovative digital solutions within a collaborative ecosystem.

 

About APIX

To support this mission, AFIN has launched the API Exchange (APIX). APIX is the world’s first cross-border, open architecture API marketplace and sandbox platform for collaboration between FinTechs and financial institutions in which participants can integrate and test solutions with each other via a cloud-based architecture.




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